StoreFinancial Lands Strategic Investment to Bring in Payments Veterans
Paybefore Award-winning processor and program manager StoreFinancial is adding two payments veterans to its management team and focusing on growing its corporate payments business after a material equity investment from a Kansas City-area private investor group. The group, which does not have a formal name, includes NetSpend CEO Dan Henry; Mark O’Connell; Mariner Holdings; Larry Maddox; OpenAir Equity Partners; and Jim Jerome, former NetSpend executive vice president.
This investment, the amount of which was not disclosed, is enabling StoreFinancial to welcome Eric Mettemeyer as the new CEO and Matt Waldie, as the new president and chief operating officer. “Both of these individuals have extensive experience in the prepaid/payments space as well as proven track records of generating significant growth in both public and private companies,” said outgoing CEO Jeffrey Brown, who will transition to chairman of the board. Mettemeyer, Henry, O’Connell and Card Compliant’s Chuck Rouse also join the board.
Headquartered in Overland Park, Kan., StoreFinancial has built a significant portion of its business in private-label, restricted authorization network (RAN) programs. Many of its customers are shopping malls that use the technology for gift cards that can be redeemed across multiple chains and properties. “I was really excited to have access to a profitable prepaid platform we can use to solve pain points across a variety of verticals from consumer purchase and loyalty to incentives and corporate disbursements,” Mettemeyer tells Paybefore. He says the company is committed to helping its shopping mall customers engage consumers and drive more foot traffic, while corporate payments provide vast new opportunities to offer more efficient solutions. Mettemeyer will focus his attention on the U.S. and Canadian markets, while StoreFinancial Europe will continue to be led by CEO David Shewmaker.
Mettemeyer and Waldie come to StoreFinancial from global processor Euronet Worldwide. Mettemeyer spent more than a decade at the company, most recently serving as managing director, epay Americas/Asia. Waldie was managing director, U.S., epay.
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